IETA Master Agreement

Emissions allowances The Jolly Contrarian holds forth™ →Go Premium intro sa 1 Subject of Agreement 2 Interpretation and Construction 3 Confirmation Procedure 4 General Obligations, Representations and Warranties 5 Allowance Transfers 6 Effecting Transfers 7 Option Transactions 8 Effect of Option Exercise 9 Billing and Payment 10 Euros 11 Taxes 12 Transfer or Acceptance Failure 13 Force Majeure and Suspension Event 14 Termination 15 Confidentiality 16 Assignment 17 Liabilities 18 Miscellaneous Schedule 1 Definitions Account Pair Administrator Event Affected Allowance Affected Party Affected Tax Party Affiliate Aircraft Operator Allowance Allowance Price Allowance Type American Option Appropriate Source Automatic Exercise Aviation EU Allowance Banking Day Base Rate Bermudan Option Buyer Buy-In Buy-In Period Call Option Central Administrator Central European Time Change in Tax Law Confidential Information Confirmation Contract Amount Contract Value Control and Profit Transfer Agreement Controlling Party Cost of Carry Amount Cost of Carry Calculation Period Cost of Carry Rate Credit Rating Credit Support Document Credit Support Provider Cross default threshold Default Quantity Defaulting Party Delayed Delivery Date Delayed Payment Due Date Delivered Allowance Volume Delivered Allowances Delivering Party Delivering Party’s Delivery Banking Day Location Delivering Party’s Holding Account Delivering Party’s Replacement Cost Delivery Banking Day Delivery Date Directive Early Termination Date EEP Amount EEP Status Encumbrance Loss Entity EU Allowance EU ETS Rules EU ETS EU EURIBOR Euro European Option EUTL Event of Default Excess Emissions Penalty Exercise Period Expert Expiration Date Expiration Time Final Delivery Date FM Affected Party FM Affected Transaction Fourth Validity Period Force Majeure GHG Reductions GHG Holding Account Illegality Affected Transactions Illegality Affected Party Illegality Indebtedness Letter of Credit Long Stop Date Loss Market Amount Market Quotation Agreement Material Adverse Change Member State Member State Registry Monthly Billing Cycle National Administrator No Encumbrances Obligation Non-Defaulting Party Operator Option Transaction Option Original Affected Party Participation Agreement Party Payment Due Date Performance Assurance Provider Performance Assurance Period Traded Allowance Physically Netted Allowances Positive Mark to Market Amount Potential Exercise Day Premium Premium Payment Date PTA Quantity Put Option Receiving Party Receiving Party’s Delivery Banking Day Location Receiving Party’s Holding Account Receiving Party’s Replacement Cost Reconciliation Deadline Reference Market Maker Reference Price Registries Regulation Registry Registry Operation Registry Pair Relevant Authority Relevant Change in Tax Relevant Entity Relevant Registry Relevant Tax Replacement Allowances Replacement Transactions Requesting Party Required Authorisations Schedule System Seller Shortfall Specified Period Specified Transaction Statement Amount Statement Strike Price Suspension Event Tangible Net Worth Termination Currency Termination Payment Date Termination Payment Total Debt Trade Date Transaction Transfer Request Transfer Unauthorised Transfer Undelivered Allowances UNFCCC Union Registry Unpaid Amounts Validity Period Validity Period Reconciliation Deadline Value Added Tax or VAT Schedule 2 Agreement Information (Elections) Schedule 3A Form of Confirmation for Spot/Forward Transactions Schedule 3B Form of Confirmation for Option Transactions Resources and Navigation Index: Click ᐅ to expand: ISDA Emissions TOC EUA Annex - Premium Emissions Pro tip: for tons of information about EU ETS and EU financial services regulation see Michał Głowacki’s magnificent emissions-euets.com website. Emissions trading documentation ISDA: EU Anatomy • EU Wikitext • EU Nutshell (premium) • UK Anatomy • UK Wikitext (to be merged into EU Anatomy) IETA: IETA Master Agreement • IETA Wikitext • IETA Nutshell (premium) EFET: EFET Allowances Appendix • EFET Allowances Wikitext • EFET Nutshell (premium) Index: Click ᐅ to expand: Essays

The master trading agreement prepared by the International Emissions Trading Association, a “visionary group of international companies and business associations founded to build on the economic mechanisms created by the Kyoto Protocol in order to achieve climate objectives with minimal economic harm.”

The IETA Master Agreement was the first master trading agreement for emissions allowances not long after the EU ETS was established in 2005. That perennial parker of tanks on other people’s lawns, ISDA, published its version, the Emissions Annex, as an adjunct to its 2005 ISDA Commodity Definitions some time later. They bear some odd similarities, but equally some striking differences.

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